Chart Idea – AXIS BANK
Technical Analysis:– From technical perspective, we can see that Axis Bank formed an evening star candlestick pattern on the weekly chart in the uptrend which is a great reversal signal as per the technical analysis. It has been posted and bears are getting a positive reaction from their leading indicator stochastic RSI bearish divergence which indicates selling pressure in it. The stock has its support at 614—565 and resistance at 790—822 levels.
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Based on the weekly chart and study, investors can go for selling around 725 for the downside target of 614—565. Maintain stop loss above 790 on a closing basis.
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